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Auto & truck dealerships · Consumer Cyclical · Fiscal year ends Feb 28
Carmax reported revenue of $25.9B in the fiscal year ended Feb 2026, down 1.8% from the year before. Net income was $247M. Operating cash flow of $1.8B less capital expenditure of $541M left free cash flow of $1.2B. Net debt was $17.4B.
Ranks among the 12 auto & truck dealerships companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Feb 2022 | Feb 2023 | Feb 2024 | Feb 2025 | Feb 2026 |
|---|---|---|---|---|---|
| Revenue | 31,900 | 29,685 | 26,536 | 26,353 | 25,881 |
| Cost of revenue | 28,613 | 26,885 | 23,823 | 23,456 | 23,075 |
| Gross profit | 3,288 | 2,800 | 2,713 | 2,898 | 2,807 |
| Selling, general & admin | 2,325 | 2,487 | 2,286 | 2,435 | 2,453 |
| Net interest incomeBanks | 1,068 | 1,131 | 1,039 | 1,091 | 1,095 |
| Interest expense | 94.1 | 120 | 125 | 108 | 110 |
| Pre-tax income | 1,492 | 637 | 642 | 669 | 383 |
| Income tax | 341 | 152 | 162 | 169 | 136 |
| Net income | 1,151 | 485 | 479 | 501 | 247 |
| Diluted EPS | 6.97 | 3.03 | 3.02 | 3.21 | 1.68 |
| Diluted shares | 165 | 160 | 159 | 156 | 148 |
| Fiscal year | Feb 2022 | Feb 2023 | Feb 2024 | Feb 2025 | Feb 2026 |
|---|---|---|---|---|---|
| Cash & equivalents | 103 | 315 | 574 | 247 | 123 |
| Receivables | 561 | 299 | 221 | 189 | 204 |
| Inventory | 5,125 | 3,726 | 3,678 | 3,935 | 4,137 |
| Current assets | 6,549 | 5,041 | 5,227 | 5,078 | 5,310 |
| Net PP&E | 3,209 | 3,431 | 3,666 | 3,842 | 4,070 |
| Goodwill | 141 | 141 | 141 | 141 | 0.0 |
| Total assets | 26,338 | 26,183 | 27,197 | 27,404 | 26,368 |
| Payables | 938 | 827 | 934 | 978 | 1,118 |
| Current liabilities | 2,047 | 1,938 | 2,312 | 2,198 | 2,415 |
| Short-term debt | 11.2 | 112 | 313 | 16.8 | 217 |
| Long-term debt | 18,175 | 17,775 | 17,960 | 18,137 | 17,261 |
| Total liabilities | 21,103 | 20,570 | 21,123 | 21,161 | 20,479 |
| Shareholders' equity | 5,235 | 5,613 | 6,074 | 6,243 | 5,889 |
| Fiscal year | Feb 2022 | Feb 2023 | Feb 2024 | Feb 2025 | Feb 2026 |
|---|---|---|---|---|---|
| Operating cash flow | −2,549 | 1,283 | 459 | 624 | 1,784 |
| Capital expenditure | 309 | 423 | 465 | 468 | 541 |
| Free cash flow | −2,858 | 861 | −6.7 | 157 | 1,243 |
| Depreciation & amortisation | 273 | 265 | 260 | 295 | 346 |
| Stock-based compensation | 109 | 85.6 | 120 | 135 | 99.0 |
| Acquisitions | −242 | 0.0 | 0.0 | – | – |
| Share buybacks | 576 | 334 | 94.1 | 428 | 643 |
| Fiscal year | Feb 2022 | Feb 2023 | Feb 2024 | Feb 2025 | Feb 2026 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −6.9% | −10.6% | −0.7% | −1.8% |
| EPS growth (YoY) | – | −56.5% | −0.3% | 6.3% | −47.7% |
| Gross margin | 10.3% | 9.4% | 10.2% | 11.0% | 10.8% |
| Net margin | 3.6% | 1.6% | 1.8% | 1.9% | 1.0% |
| Return on equityBlank when equity is negative | 22.0% | 8.6% | 7.9% | 8.0% | 4.2% |
| Free cash flow margin | −9.0% | 2.9% | −0.0% | 0.6% | 4.8% |
| Cash conversion (CFO ÷ net income) | −2.21x | 2.65x | 0.96x | 1.25x | 7.21x |
| Receivable days | 6 | 4 | 3 | 3 | 3 |
| Inventory days | 65 | 51 | 56 | 61 | 65 |
| Payable days | 12 | 11 | 14 | 15 | 18 |
| Debt ÷ equity | 3.47x | 3.19x | 3.01x | 2.91x | 2.97x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 18,084 | 17,572 | 17,699 | 17,907 | 17,355 |
| Current ratio | 3.20x | 2.60x | 2.26x | 2.31x | 2.20x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.